German Schaeffler Group to invest US$ 70 million in Dong Nai

Representatives of Schaeffler Group said that the document preparation work of their investment project is being done and they hoped that the document would be submitted to the local authorities for granting investment licence in this Summer. The Group plans to invest US$ 70 million in the first phase to build a plant in Dong Nai that will mass-produce products for applications in automotive and aviation industries. This new plant is expected to start production in the fourth quarter of 2008. The Group will rent an area of 5 hectares at Amata Industrial Park in Bien Hoa city.

The Group also demonstrated goodwill and willingness to act as a bridge connecting Dong Nai province with German or Italian businesses if Dong Nai wants to visit Germany and Italy for promoting investment in the future.

Speaking at the working session, Chairman Vo Van Mot affirmed that high-tech projects will be given priority in the Dong Nai province’s economic development plan to attract foreign investment in local industrial zones. He also thanked the Group for its help to the province’s investment promotion activities in Germany and Italy in the coming time and hoped that there will be more and more German and Italian investors coming to Dong Nai.

Reported by M.C